Changes in store for Tax Sheltered Annuity Program

The Arizona University System will be moving to three providers for TSA services this fall: AIG Retirement, Fidelity Investments and TIAA-CREF. Effective in the fall—the exact date has not been determined—salary deferrals will only be directed to these providers.

If your payroll deferral is currently with one of these three companies, no action will be required.

Participants with funds on deposit with other TSA vendors will not be required to move their accounts to one of the three approved investment companies, but may do so. However, they will not be able to add to them through NAU payroll deduction.

The Internal Revenue Service has implemented new administrative rules for TSA plans. Recognizing the need to evaluate current vendors’ ability to comply with new IRS requirements, the Arizona University System took the opportunity to conduct a more comprehensive review of investment company offerings and administration to develop the best possible program for our participants.

The three providers were selected following a request for proposal. Information on changes to the TSA program will be distributed to participants this fall and will be posted on the NAU web site.

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